Sold
1483 Atlantic Ave, Long Beach
- 12 Units across the street from schools
- Eight 1 bed/1bath units, 4 studios, and 4 garages
- Extensively remodeled in 2018 with over $200K invested including new roof, all new windows, new siding, new front gate, garage doors, and unit interiors
- 11 out of 12 units upgraded including vinyl plank floors, cabinets, quartz counters, and new bathrooms
- Copper plumbing and modern era electrical
- Strong actual income at 12.85X GRM and a 5% in place cap rate
Price
$2,350,000
Annual Income
$182,940
Annual NOI
$116,585
Annual Expense
$57,208
Rental Cost Details
| # OF UNITS | # OF BEDROOMS | # OF BATHS | ACTUAL RENT | TOTAL RENT | PRO FORMA | TOTAL PRO FORMA |
| 1 | 0 | 1 | $1,150 | $1,150 | $1,195 | $1,195 |
| 1 | 0 | 1 | $1,150 | $1,150 | $1,195 | $1,195 |
| 1 | 1 | 1 | $1,475 | $1,475 | $1,475 | $1,475 |
| 1 | 1 | 1 | $1,395 | $1,395 | $1,475 | $1,475 |
| 1 | 0 | 1 | $1,095 | $1,095 | $1,100 | $1,100 |
| 1 | 0 | 1 | $1,100 | $1,100 | $1,100 | $1,100 |
| 1 | 1 | 1 | $1,225 | $1,225 | $1,295 | $1,295 |
| 1 | 1 | 1 | $1,275 | $1,275 | $1,295 | $1,295 |
| 1 | 1 | 1 | $1,295 | $1,295 | $1,395 | $1,395 |
| 1 | 1 | 1 | $1,395 | $1,395 | $1,395 | $1,395 |
| 1 | 1 | 1 | $1,295 | $1,295 | $1,395 | $1,395 |
| 1 | 1 | 1 | $1,395 | $1,395 | $1,395 | $1,395 |
| TOTAL # OF UNITS | TOTAL # OF BEDROOMS | TOTAL # OF BATHS | GRAND TOTAL RENT | GRAND TOTAL PRO FORMA | ||
| 12 | 8 | 12 | $15,245 | $15,710 |
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